I am in a contract race with another prospective purchaser for a property in Winslow. What can I do to speed up matters?
First, If you are under time constraints to sign contracts we would recommend that your lawyer is familiar with the area as they will make use of local contacts and know-how. It is possible that they could have transacted previousproperties in the same road. Therefore consider using a Winslow conveyancing lawyer. In addition, be sure that the conveyancing firm is on the on the approved list for your mortgage company. It is believed that nearly one in five of Winslow conveyancing deals are delayed or derailed after discovering a purchaser’s conveyancer was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the legal transfer of property being held up by an average of three weeks. It is estimated that this issue affects in the region of 100,000 home sales annually. Almost all Winslow conveyancing practices can not act for certain lenders so do check as early as possible.
Should our solicitor be making enquiries regarding flooding during the conveyancing in Winslow.
Flooding is a growing risk for solicitors carrying out conveyancing in Winslow. Some people will buy a property in Winslow, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, but there are a numerous searches that may be undertaken by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Winslow. The conventional set of information sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the seller to discover whether the premises has historically flooded. In the event that flooding has previously occurred which is not revealed by the seller, then a purchaser may issue a legal claim for losses as a result of such an incorrect response. A purchaser’s solicitors will also carry out an environmental search. This should reveal whether there is any known flood risk. If so, further inquiries should be made.
How does conveyancing in Winslow differ for new build properties?
Most buyers of new build premises in Winslow approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Winslow tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Winslow or who has acted in the same development.
I am looking for a flat up to £235,500 and identified one close by in Winslow I like with amenity areas and railway links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Winslow in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
What are your top tips when it comes to choosing a Winslow conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Winslow conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non Winslow conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
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If they are not ALEP accredited then why not? How many lease extensions have they carried out in Winslow in the last twenty four months?
Winslow Leasehold Conveyancing - A selection of Queries before Purchasing
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Is anyone aware of any major works in the planning that could add a premium to the maintenance charges? Best to be warned whether redecorating or some other major work is pending that will be shared by the leasehold owners and may well dramatically impact the level of the maintenance costs or result in a one off invoice.
I have noted on various consumer advice websites that before choosing a conveyancing lawyer they must be approved by your lender. I am novice purchaser but I have an AIP via Virgin Money and I already have a family conveyancing lawyer in Winslow lined up. Does Nat West Bank require an approved solicitor to be instructed? If so, where do I find that list for my conveyancing in Winslow?
You should use a solicitor that is on the Nat West Bank panel. Simply call your chosen Winslow conveyancing solicitor and ask if they are on the Nat West Bank panel. If they are not on the panel you have a number of options open to you here:
- Complete the deal with your chosen Winslow conveyancer but Nat West Bank will no doubt appoint a conveyancing practitioner from their approved list. The net result is additional fees together with likely delay.
- Choose a new conveyancer to act in the purchase, obviously checking they are on the Nat West Bank conveyancing panel.
- Convince your conveyancer to attempt to join the lender panel.